Isle Of Palms Real Estate: Sales Numbers Up, Values Down Slightly
Here are the latest numbers for Isle of Palms real estate from the Charleston MLS. First, a look at Closed Sales:
Closed Sales have shot up in 2015. January started 2015 with 13 Closed Sales, and that increased to 19 in February. In March Closed Sales increased to 27. Last March there were 17 Closed Sales.
The peak month for 2014 came in April with 24 Closed Sales. March was the highest number of Closed Sales since 2013–April and July both saw 29 Closed Sales.
The high prior to that was in April 2008 with 38 Closed Sales.
Next up is a look at the Pending Sales:
Pending Sales also have shot up. In January, there were 18 Pending Sales. That number dropped in February to 12, but then jumped up in March to 32. Last March, there were 21 Pending Sales.
The peak for last year was in April with 26 Pending Sales. March of 2015 was the most Pending Sales for Isle of Palms real estate since August 2007 with 95 Pending Sales.
Here’s a look at home values, starting with the Average Price Per Square Foot:
That number dipped in February, but was back up in March. For January, the Average Price Per Square Foot for Isle of Palms homes for sale was $401/sq ft.
That dipped to $350/sq ft in February, and is back up to $399/sq ft in March.
Last March it was $344/sq ft. The peak for 2014 came in November at $441/sq ft. That is the highest since May 2009 at $565/sq ft.
Here is a look at the Average Sales Price:
That number spiked in February, and is down slightly in March. For January, the Average Sales Price for Isle of Palms real estate was $795,610.
It went up to $867,891 in February, then down to $815,070 in March. Last March saw an Average Sales Price of $869,612.
The peak month last year came in November, with an Average Sales Price of $1,028,279.
That was the highest month since August 2013 ($1,057,000) and May 2012 ($1,063,972).
Here is the Average Days On The Market (DOM) for Isle of Palms homes for sale:
That number has increased in March after staying level to start 2015. January saw an Average DOM of 134, then down slightly to 133 DOM in February.
In March, that has increased to 175 DOM. Last March, the Average DOM for Isle of Palms was 159.
The lowest DOM in 2014 came in February, at 105 days. Prior to that, the lowest DOM came in January 2013 at 98 days.
Finally, here is a look at the Months Supply of Inventory:
That number bumped up in February, but leveled off. January started 2015 at 11.6 Months, but February saw that increase to 12.2 Months. March was also at 12.2 Months. Last March it was 14.3 Months.
The lowest point in 2014 was in January, at 11.6 Months. That was the lowest Months Supply for Isle of Palms real estate since May 2006 at 11 Months.
12 Months Supply would indicate a buyers market, and typically home values decrease. However, that is not happening on the Isle of Palms.
Sales remain strong, and values have increased. But there have been peaks and valleys, as you can see by the graph below showing home values for each month over the last 3 years:
Part of this can be explained by the fact that Isle of Palms is a little different from other areas of Charleston.
There are very high end luxury mansions on the water, to condos, to older and smaller homes. There are also fractional ownership homes–time shares, as well as many homes purchased as investment homes.
All of these contribute to a slightly different market dynamic, and partly explain why you see a 12 Month Supply of homes, but home values are still increasing for most months.
Currently, there are 262 Isle of Palms homes for sale. They average 324 DOM and a list price of $965,785.
Of the 262 Active homes, 35 are Fractional Ownership. They average 514 DOM and a list price of $114,569. These are not your typical real estate listing, and you can see how they affect the overall numbers for the Isle of Palms real estate market.
There is only 1 Pending Sale, it has been listed for 85 days and has a list price of $1,095,000.
There are an additional 46 homes under contract, and they average 193 DOM and a list price of $986,799. Only 1 of these is a Fractional Ownership.
If you are thinking about buying on the Isle of Palms, then visit my Pam Marshall Realtor website.
You can search the Isle of Palms MLS, download Buyers Guides, check out my helpful home buying videos, and sign up to have a free list of Isle of Palms homes for sale sent to your inbox and updated regularly.
If you are thinking about selling, then it is important you hire the right agent. Bee sure to check out my Pam Marshall Realtor sellers page.
If you would like to see the latest MLS stats for Isle of Palms, then check out my Isle of Palms real estate stats page.